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It’s been just over two years since the hurricane took out the docks in the Vinoy Basin in downtown St. Petersburg. Since that time the Renaissance Vinoy Hotel has been permitting the new docks and having them built. Now we once again see yachts at the dock. Prominently docked on the t-dock is Khaki Denim, who looks to be about 100 feet. During the Rib Fest weekend most of the slips were full. Most days more of the slips have been empty than full.

So, are the boat owners who had to move their boats two years ago happily back at the marina? Unfortunately not. Word is that the slips will probably be "sold" for $4.00-$5.00 per foot (that would mean a slip for Khaki Denim would be perhaps $500,000). Management at the Renaissance Vinoy Hotel say that it’s still to early to make any announcement, as the decision rests with the hotel owners. It is likely that 30% of the docks would remain transient docks for the hotel.

The docks are on leased land, so can’t really be "sold". We hear that the $4.00 – $5.00/ft fee may be a "membership fee" that entitles them to use of their dock, with monthly maintenance fees, of course. The members may receive this fee back at a later time if the slip is "resold". Other marinas that have been changing from leasing to ownership – dockominiums, if you will – have had slow sales. One wonders whether "selling" these slips is the most prudent decision at this time.

Nonetheless, for the rest of us – it’s nice to see boats and yachts back in the Vinoy Basin. Since the parks along the waterfront are all public parks, everyone can enjoy them as they sit and gaze at the water, walk or run by on the waterside sidewalk, or just look out from their luxury condo balconies.

This entry was posted
on Sunday, November 25th, 2007 at 7:36 pm and is filed under Real Estate News.
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